FirstService Residential Takes 48K SF in Midtown

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Residential management company FirstService Residential has leased new office space at Beacon Capital Partners575 Fifth Avenue in Midtown, in a relocation from 622 Third Avenue in Midtown South.

The firm, which bills itself as the largest residential property manager in North America, inked a 15-year lease for 48,000 square feet across the ninth and 10th floors of 575 Fifth, between East 46th and East 47th streets, according to a spokesperson for FirstService. The tenant’s spokesperson also declined to disclose the asking rent in the deal. 

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FirstService expects to move in the fall of 2022. Montroy DeMarco Architecture is handling the build-out of the space. 

Mark Friedman of Colliers represented the tenant. The landlord handled the transaction in-house, along with Josh Kuriloff and Bruce Mosler of Cushman & Wakefield, who didn’t immediately return a request for comment. A Colliers spokesperson didn’t immediately return a request for comment.

Beacon and building co-owner MetLife renovated the 35-story, 500,000-square-foot building a few years ago to add a tenant lounge, bike parking, three conferencing centers and a lobby Starbucks. Other tenants in the building include Axpo, Charlesbank and Russell Investments.

Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.